Shriram Finance (SHFL)’s 2QFY25 PAT rose ~18% YoY to ~INR20.7b (in line), and PPoP grew 14% YoY to ~INR39.8b (in line). NII grew ~19% YoY to INR54.6b (in line), while reported NIM dipped ~5bp QoQ to ~8.75%.1HFY25 PAT grew ~18% YoY to INR40.5b and we expect 2HFY25 PAT to grow by ~15% YoY